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JPMorgan plans callable accrual CDs linked to Libor, Euro Stoxx 50
By Angela McDaniels
Tacoma, Wash., June 26 - JPMorgan Chase Bank, NA plans to price callable accrual certificates of deposit due July 17, 2028 linked to six-month Libor and the Euro Stoxx 50 index, according to a term sheet.
The interest rate will be 5.5% per year multiplied by the proportion of days on which the index closes at or above 1,927.5 and six-month Libor is less than or equal to 6%. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning July 15, 2015, the CDs will be callable at par on any interest payment date.
J.P. Morgan Securities LLC is the agent. Incapital LLC is distributor.
The CDs are expected to price July 12 and settle July 17.
The fees are expected to be 6.75%. The agent may use some of the fees to allow 3.75% of selling concessions to dealers.
The Cusip number is 48124JM47.
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